M+ Online Morning Market Buzz - 5 Jul 22 
 
Dow Jones: 31,097.26 pts (+321.83pts, +1.05%) 
⬆️ Resistance:  32600 
⬇️ Support:  29900 
 
FBM KLCI: 1,437.52 pts (-12.22pts, -0.84%) 
⬆️ Resistance:  1490 
⬇️ Support:  1410 
 
HSI Index: 21,830.35 pts (-29.44pts, -0.13%) 
⬆️ Resistance:  22900 
⬇️ Support:  21100 
 
Crude Palm Oil: RM4,387 (+RM37, +0.85%) 
⬆️ Resistance:  5150 
⬇️ Support:  4160 
 
Brent Oil: $113.50 (+$1.87, +1.68%) 
⬆️ Resistance:  122.90 
⬇️ Support:  105.90 
 
Gold: $1,816.54 (+$5.11, +0.28%) 
⬆️ Resistance:  1870 
⬇️ Support:  1750 
 
M+ Online Technical Trading Stocks - 5 Jul 22 
 
Stock Name: CHINWEL (5007) 
Entry: Buy above RM1.74 
Target: RM1.89 (8.6%), RM1.98 (13.8%) 
Stop: RM1.65 (-5.2%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Stock Name: PWROOT (7237) 
Entry: Buy above RM1.70 
Target: RM1.81 (6.5%), RM1.86 (9.4%) 
Stop: RM1.62 (-4.7%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Market update: The FBM KLCI reversed last week’s gains as the key index succumbed to broad-based selling prior to the BNM’s interest rate decision during the Monetary Policy Committee (MPC) meeting; we believe traders may focus on banking stocks for the near term. Given the lacklustre trading and the increase in continuation of net foreign selling, we opine that the local bourse may see selling pressure interspersed with bargain hunting activities in undervalued stocks. Commodities wise, the CPO traded above RM4,350, plummeting after Indonesia’s announcement on increase in export quotas, while the crude oil price closed around USD113.

Sector focus: While sentiment is likely to remain negative, the banking sector could be investors’ focus amid market’s expectation of interest rate hike in the upcoming MPC meeting. Meanwhile, the technology sector may succumb to another round of selldown amid interest rate up-cycle environment.

Stocks to watch: 

Financial: AFFIN, CIMB
Consumer & Furniture: ECOMATE, PWROOT, QL, SDS, UCHITEC
Construction & Building materials: CHINWEL, GAMUDA
Energy & Utilities: HIBISCS MALAKOF TALIWRK
Technology & Telco: CENSOF OPCOM TM
Others: BSTEAD, EPMB, GOB 

Source: M+ Online

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